AIM and Media Release
1 April 2020
BASE RESOURCES LIMITED
US$75m RCF drawn and Kwale Operations
maintained
African mineral sands producer and developer, Base Resources
Limited (ASX & AIM: BSE) (Base Resources or the
Company) has drawn down the full US$75 million available under its existing
revolving credit facility (RCF) to secure enhanced liquidity
and ensure flexibility as part of a prudent management strategy in
navigating the evolving uncertainty associated with the COVID-19
pandemic.
At 29 February 2020, the Company had cash reserves of
US$37.7 million and no debt.
Under the terms of the RCF, there are no mandatory repayments
until 30 June 2021, when the
available RCF reduces to US$50
million. The final maturity date for the RCF is
31 December 2021. Base Resources’ significant combined
cash reserves make it well placed to emerge from the current crisis
in sound financial shape and to capitalise on appropriate emergent
opportunities.
Supported by sound customer demand, production at the Company’s
Kwale Operation in Kenya has
continued uninterrupted with broad health and safety procedures
implemented to minimise the risk of COVID-19 to our personnel and
surrounding communities. The Company is working with
Government of Kenya authorities to
adjust work arrangements as necessary to keep operations within
government restrictions. However, in a rapidly evolving local
and global landscape, operations continue to be maintained
balancing the considerations of employee and community health,
operational safety, community benefits, government policy and
regulation, input availability, customer demand and financial
prudence. Consequently, a halt to, or curtailment of
operations at some point in the future cannot be ruled out.
ENDS.
For further information contact:
| James Fuller, Manager Communications
and Investor Relations |
UK Media Relations |
| Base Resources |
Tavistock Communications |
| Tel: +61 (8) 9413 7426 |
Jos Simson and Barnaby Hayward |
| Mobile: +61 (0) 488 093 763 |
Tel: +44 (0) 207 920 3150 |
| Email:
jfuller@baseresources.com.au |
|
About Base Resources
Base Resources is an Australian based, African focused, mineral
sands producer and developer with a track record of project
delivery and operational performance. The company operates
the established Kwale Operations in Kenya and is developing the Toliara Project in
Madagascar. Base Resources is an ASX and AIM listed
company. Further details about Base Resources are available
at www.baseresources.com.au
PRINCIPAL & REGISTERED OFFICE
Level 1, 50 Kings Park Road
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912
NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 (0)8 9480 2500
JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800
JOINT BROKER
Numis Securities Limited
John Prior / James Black / Paul
Gillam
Phone: +44 20 7260 1000